The Ghana Insurance Brokers Association (GIBA) has launched its 30th anniversary celebrations with a call on members to observe the highest professional standards in service delivery.
Performing the launch, outgoing President of GIBA, Mr Nathan Adu, stressed the need for other brokers outside to join the association, as it remains the recognised trade association for all Ghanaian registered brokers and consultants.
He said the National Insurance Commission (NIC) requires new brokerage firms to be members of GIBA as part of the licensing processes by the insurance regulator.
Outlining some of the achievements under his tenure, Adu said “from a general membership of 41 Brokers in 2014, GIBA currently has 71 members, and in spite of the challenging effects this could generate, I am proud to say that Brokers have grown to be extremely united and solid as an Association.”
Adu also reported a remarkable improvement in the financials of the Association to GHS1.25million currently from a bank balance of GHS241,283 in 2014.
He, however, made a passionate appeal to the NIC to renew the license of GIBA Energy, a company set up by the Association in response to the Petroleum Local Content Law, whose continuous non-operation remains a financial burden on the Association.
The new President of GIBA, Lena Adu-Kofi, wants the industry to embrace the rapid change and innovation to unlock the power of brokering in Ghana.
“We are not content to rest on our laurels. With any commemoration comes the chance to look forward to what lies ahead. In that sense this year can be seen not simply as an anniversary, but as the beginning of the next uplifting 30 years for GIBA and the industry as a whole.”
Mrs Adu-Kofi, who is the female President of GIBA and the first woman to be licensed as an Insurance Broker in Ghana, implored members to imbibe integrity and nurture relationships with all stakeholders to make the Association the “most valued insurance partner.”
Commissioner of Insurance, Justice Yaw Ofori, who chaired the function, acknowledged the different set of market challenges and customer demands that the digital age has brought into insurance brokerage business and called for innovation to address these challenges.
“After 30 years of Insurance Brokering, I believe the time is right to scale yet another height; the height of using a combination of digital technology, online management systems and software to improve business processes and speed up the turnaround time for service.”
Ofori attributed the less than 2 percent of insurance penetration to the incidence of under-pricing of risks, the payment of ex-gratia over assignment of genuine claims and the use of low claims discounts to reduce premium and thus called for a renewal of mind in that respect.
He said insurance is a technical but essential tool for protecting their assets and charged GIBA to get their clients properly educated on risks associated with their lives and businesses and how to use insurance to mitigate those risks in a transparent and cost effective way.
By Godfred Tawiah Gogo